16 deals including energy and defence signed by Modi and Putin

16 deals including energy and defence signed by Modi and Putin

PM Narendra Modi and Russian President Vladimir Putin have signed 16 deals this Thursday. The deal includes joint exploration of Russian oil assets and manufacture of Russian helicopters in India.

As reported by Bloomberg, the defence alone could reach $150 billion mark in the coming years.

Modi said, “We have had excellent conversations over the past two days and very productive outcomes. It has deepened my conviction that this relationship truly meets the test of a special and privileged strategic partnership. We have laid the foundation of the future character of this strategic partnership.”

The agreements signed include making of Russian-designed nuclear reactors in the country, cooperative helicopter engineering and railway sector, oil production in Russia and construction of solar enrgy plants.

The agreement is expected to give a huge boost to Modi’s Solar Mission and Make in India initiatives.

Modi said, “The inter-governmental agreement on manufacture of Kamov 226 helicopters in India is the first project for a major defence platform under the Make in India mission. It is rightly with our most important defence partner.”

He further added, “We have made progress on a number of other defence proposals. These would boost defence manufacturing in India and India’s defence readiness with next-generation equipment.”

Modi also mentioned that Russia is important to India when it comes to energy security as Russia has world’s largest hydrocarbons reserves.

Modi said, “With President Putin’s support, we are enlarging Indian investments in the Russian hydrocarbon sector. Following our last summit, India has created a special notified zone to facilitate direct trade between the world’s largest uncut diamond exporter, Russia, and India, which processes 90% of the world’s uncut diamonds.”

Modi also invited Putin for annual bilateral summit and BRICS summit to be held next year.

The Prime Minister said that the two countries have signed this deal to encourage interaction between their respective private sectors. Putin said in a press conference that India is a great power and has a balanced foreign policy. He added that the sectors like innovation, energy, diamonds, pharma and aircraft building are areas very promising for Indo-Russian cooperation.